HCL acquires Urban Fulfillment Services for $30 million

NEW DELHI: In order to bolster its capability in the area of BPO services and debt servicing, HCL Technologies has announced the acquisition of Urban Fulfillment Services, a provider of mortgage business process & fulfilment services for $30 million.

Founded in 2002 in the US, UFSis a Limited Liability Company incorporated with over 350 people.

“The acquisition of Urban Fulfillment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfillment and debt servicing space,” said Anoop Tiwari, Corporate Vice President and Global Head – Business Services, HCL Technologies. “Combining UFS’ talent and client portfolio with HCL’s deep industry expertise and business acumen, offers us the unique opportunity to provide platform–based services on our own platform, driving transformation through robotics process automation,” he added.

HCL will be acquiring 100% stake in UFS and the total cash consideration for this transaction is up to $30 million, including contingent payments subject to certain financial milestones. HCL added in a statement that mortgage servicing is a regulated activity in the US and the transaction would require regulatory approvals for obtaining the licenses.

“The synergies between UFS’ client focused and efficient business processing services and HCL’s technology leadership and financial strength will create an unparalleled competitor and leading provider of state-of-the-art services to the enterprise customers,” said Charles S. Sanders, CEO of Urban Lending Solutions. “I am very excited about joining the HCL team and being part of such a capable and progressive company that will deliver the highest level of services to the industry.”

UFSoperates out of 3 centres in the US, engaged in providing mortgage business process and fulfilment services to its customers.